DroneAcharya Acquires Majority Stake in PYI Technologies Pvt Ltd

By siliconindia  |  Wednesday, 27 December 2023, 13:23 IST

DroneAcharya Acquires Majority Stake in PYI Technologies Pvt Ltd
DroneAcharya Aerial Innovations, a drone startup focused on enterprise solutions, has revealed its acquisition of a majority 51% stake in PYI Technologies Pvt Ltd. PYI Technologies, based in Pune, specializes in camera drones, DIY kits, and customized drone solutions. The financial details of the transaction have not been disclosed, with DroneAcharya indicating that the specific terms will be determined in the coming stages of the deal.
In a submission to the Bombay Stock Exchange (BSE), DroneAcharya emphasized the strategic importance of the acquisition, asserting that it will play a pivotal role in the company's expansion strategy. The objective is to diversify DroneAcharya's range of services and bolster its position within the drone industry by enriching its offerings.
Established in 2017 by Prateek Srivastava, DroneAcharya provides drone-based enterprise solutions across various sectors such as oil and gas, mining, infrastructure, and agriculture. The company also offers training in drone piloting, drone building, drone data processing, and industrial drone applications. PYI Technologies Pvt Ltd, founded by Abhigyan Ranjan in 2022, specializes in providing beginner-friendly models of custom camera drones and DIY drone kits.
In a separate disclosure, DroneAcharya announced the successful acquisition of a tender worth INR 1.4 crore from the Haryana government's Drone Imaging and Information Service of Haryana (DRIISHYA) project. The tender pertains to the provision of surveying drones. Prateek Srivastava expressed confidence in the tender, underscoring the increasing integration of drones across various operational processes in Haryana.
Earlier this year, DroneAcharya signed a franchise agreement worth $2.7 million (INR 23 crore) with Switzerland’s Wollstone Capital SA to establish 30 remote pilot training organizations (RPTOs) across India. The move was aimed at boosting drone sales, services, and certified training, with a goal of training 500 pilots to enhance the skilled workforce in India’s drone sector.
DroneAcharya witnessed a noteworthy surge in profit after tax (PAT), reaching INR 3.97 crore, a significant increase compared to INR 13.09 lakh (0.13 crore) recorded in the corresponding period of the previous fiscal year. The company's operating revenue also experienced a substantial upswing, marking a 998% increase to INR 20.89 crore in H1 FY24 from INR 1.9 crore in the equivalent period of the preceding fiscal year.
In August, DroneAcharya ventured into the spacetech domain, revealing the successful testing of a reusable rocket launch vehicle that reached an altitude of 3 kilometers. The company asserted the ability to safely land the vehicle using a parachute and successfully recover all essential sensors and equipment. The acquisition of PYI Technologies Pvt Ltd stands as a noteworthy milestone for DroneAcharya, reinforcing its presence in the drone industry and further diversifying its offerings in India's burgeoning market for drone technology.

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